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  • FIRST POST
    • patman99
    • By patman99 3rd Oct 14, 10:35 PM
    • 8,220Posts
    • 9,688Thanks
    patman99
    The 1,000 emergency fund challenge.
    • #1
    • 3rd Oct 14, 10:35 PM
    The 1,000 emergency fund challenge. 3rd Oct 14 at 10:35 PM
    For the idea for this after listerning to the 'Dave Ramsey Show'.

    The idea is to accumulate an emergency fund of 1,000 sitting in a Bank account just in case of emergencies.

    You must not leave yourself short in order to reach your goal.

    Members-
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    This list is correct as of 19/1/17.
    Last edited by patman99; 02-11-2018 at 7:40 PM. Reason: List got 'lost'.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 1000/ 1000 (that's 100%)

    3-6 month EF 631.65/3600 (that's 10 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
Page 145
    • patman99
    • By patman99 13th May 18, 12:53 PM
    • 8,220 Posts
    • 9,688 Thanks
    patman99
    Starting to get statements in from my creditors. Have decided to use some of my EF to make a full and final offer on one of them.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 1000/ 1000 (that's 100%)

    3-6 month EF 631.65/3600 (that's 10 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • carbootcrazy
    • By carbootcrazy 14th May 18, 4:46 AM
    • 5,406 Posts
    • 31,201 Thanks
    carbootcrazy
    Starting to get statements in from my creditors. Have decided to use some of my EF to make a full and final offer on one of them.
    Originally posted by patman99
    Good luck with it, patman


    I'm going to start down the same route with my outstanding debts anytime now too. Planning to get them picked off one by one and be finally debt-free by the very end of this year. Not going to be easy but I'm determined to give it a mighty good try. I'll be using the money I've managed to squirrel away from a couple of PPI payouts (sadly not mega ones) and the fact I've only been paying token payments to all creditors for the past 6 months.


    I hope your new washing machine has now arrived and is working well. Nothing worse than having no way of getting the washing done, especially as you do your mother's too.


    Sorry I haven't visited the challenge for a while. I hope all members are doing well, saving money and enjoying the sunshine
    Original Debt: 56804 (@02/13). Now: 3437. Nearly out of the debt tunnel at long last.
    • indigowarrior
    • By indigowarrior 26th May 18, 9:24 AM
    • 671 Posts
    • 5,048 Thanks
    indigowarrior
    230 Rereporting for duty.
    Starting Dave Ramsey properly now. Going to aim for 1k EF done in 3 months. Starting balance. 1
    #545- SPC September No Spend 4/15
    • mossy
    • By mossy 27th May 18, 11:11 AM
    • 1,140 Posts
    • 8,192 Thanks
    mossy
    Hi everyone, I have an empty EF at the moment but I'm hoping that once I start my job in September I'll be able to clear bits left on my credit cards from last year's holiday and then build my EF up to 1k. I think that should be achievable, although after studying full time for a year there are a LOT of things that need paying for and things that need doing in the house.

    I'll get there though.

    Hope everyone has a sunny bank holiday weekend.
    DFB Christmas 2018 - #123 - 1930/1930 100%

    Emergency Fund Savings - #148 - 0/1000 0%
    #083 SPC6 63 - SPC7 90 - SPC8 63 - SPC9 54 - SPC10 26
    • indigowarrior
    • By indigowarrior 27th May 18, 11:54 AM
    • 671 Posts
    • 5,048 Thanks
    indigowarrior
    230- Another 3.30 into the EF.
    #545- SPC September No Spend 4/15
    • Treasurequeen
    • By Treasurequeen 27th May 18, 9:52 PM
    • 392 Posts
    • 4,369 Thanks
    Treasurequeen
    #223 Have finally got 1000 in my EF depending on whether I get anything unexpected come through. Which is why I needed the EF in first place just in case I needed it.
    Pay for birthdays and Christmas 2018 with surveys #17
    2018 Frugal Living Challenge #44
    Sealed Pot Challenge 2018~ 11 #40
    2 saver club #26 140
    • patman99
    • By patman99 29th May 18, 8:39 PM
    • 8,220 Posts
    • 9,688 Thanks
    patman99
    Well done treasurequeen.


    Not had much to report of late. EF is bouncing up and down as I keep on top of my monthly outgoings.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 1000/ 1000 (that's 100%)

    3-6 month EF 631.65/3600 (that's 10 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • ploppy57
    • By ploppy57 4th Jun 18, 4:41 PM
    • 754 Posts
    • 4,800 Thanks
    ploppy57
    Finally happy to report that we have 1000 in our EF. Thanks to OH getting a pension payout and we are spending it wisely.....saving to EF, putting some towards F&F's on our DMP and getting another car before ours finally gives up the ghost.
    DMP March '15 57,549. Now 43,023. 25% paid. Went SM Feb '18 to get DF sooner.
    Emergency fund #231... 500.

    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
    • Charleyalmostking
    • By Charleyalmostking 4th Jun 18, 7:58 PM
    • 147 Posts
    • 156 Thanks
    Charleyalmostking
    tips for building up your Emergency fund whilst having a wedding & christmas to save for?
    Wedding Fund: 1107.23 / 2,500 Xmas'18: 100.00 / 300.00 Emergency Fund: 100.00 / 1,000H2B ISA: 30.50
    • indigowarrior
    • By indigowarrior 9th Jun 18, 7:28 PM
    • 671 Posts
    • 5,048 Thanks
    indigowarrior
    Could you set up a sinking funds?
    #545- SPC September No Spend 4/15
    • indigowarrior
    • By indigowarrior 9th Jun 18, 7:37 PM
    • 671 Posts
    • 5,048 Thanks
    indigowarrior
    I am going to aim for 500 EF. As that what Dave Ramsey Recommends for low incomes. Found 22p in an old survey account so have transferred that to EF now. That brings my balance to 76.11 including the cheque I am waiting to clear.
    #545- SPC September No Spend 4/15
    • patman99
    • By patman99 9th Jun 18, 8:55 PM
    • 8,220 Posts
    • 9,688 Thanks
    patman99
    Well done ploppy57.


    Saving for a wedding and christmas as well as an EF will take some doing.


    I would suggest that you set a limit of 25 per person for Christmas (and for their birthdays as well). It may sound mean, but we started to do this as a family years ago. It saves trying to out-do each other.


    As for the wedding, indigowarrior's idea of sink funds are a good one.
    Work out how much you want to spend on a dress, venue, catering etc. and start building up each pot.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 1000/ 1000 (that's 100%)

    3-6 month EF 631.65/3600 (that's 10 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • Charleyalmostking
    • By Charleyalmostking 10th Jun 18, 1:58 PM
    • 147 Posts
    • 156 Thanks
    Charleyalmostking
    thank you for your tips .

    With the wedding, we both agreed to split our overall budget of 5,000 so we'll both be saving 2,500 each. I don't need to worry about my dress or shoes as I've got those sorted already (40 for dress & 5.00 for shoes). But I'm depositing 150 each month and extra when i can.

    The Emergency fund , I'm going to put 100 each month & whatever is in our piggy bank will go towards that.

    Christmas - I was going to put away 100 in July & 100 in august to make it up to 300 and stick to that.

    I'm doing a lot of overtime and have already been able to put 100.00 in emergency savings and 100 away for christmas.

    I'm not too fussed with the wedding as long as I put some money in there.

    Next year, I am going to put 300 away in the first few months so it's already saved so I can concentrate on the other savings.

    ________-

    100 in emergency fund

    I did try to take whatever was in our piggy bank to put in the saving account but the bank closed early.
    Wedding Fund: 1107.23 / 2,500 Xmas'18: 100.00 / 300.00 Emergency Fund: 100.00 / 1,000H2B ISA: 30.50
    • Sweetcake
    • By Sweetcake 10th Jun 18, 5:34 PM
    • 188 Posts
    • 123 Thanks
    Sweetcake
    Hey. I!!!8217;d like to join too! Aiming for 2,000 by the end of the year. I calculated that if I save 82 a week for half a year (say starting in August) that makes for 2 grand end of the year. Starting early from the 21st (payday) and will see how it goes.
    • Missymae0
    • By Missymae0 12th Jun 18, 3:42 PM
    • 82 Posts
    • 188 Thanks
    Missymae0
    Another 100 added to my emergency fund today.

    #258 700/1000
    Emergency fund 1700/1000

    SPC 11 #084
    • patman99
    • By patman99 18th Jun 18, 9:05 PM
    • 8,220 Posts
    • 9,688 Thanks
    patman99
    Welcome to Sweetcake, our 278th member.


    Not much to report this month. Not spent much for once. Only 6 days to end of pay month and 10 to pay day.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 1000/ 1000 (that's 100%)

    3-6 month EF 631.65/3600 (that's 10 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • carbootcrazy
    • By carbootcrazy 19th Jun 18, 6:47 AM
    • 5,406 Posts
    • 31,201 Thanks
    carbootcrazy
    Nice not to have had any major spends, patman. Lets hope the rest of June goes the same way for you


    My MOT is due in mid July so I'm planning to get a service done sometime soon in readiness. Since I bought the new battery in the winter there seems to be no obvious problem with the car but I suspect I may be ready for brake pads and I know one of the tyres is on it's last legs, although still legal. Cue for some spending but a reliable car out in the middle of nowhere like this is an absolute essential


    Sorry I don't drop in so much these days but I hope everyone is doing well with their saving and enjoying the better weather
    Original Debt: 56804 (@02/13). Now: 3437. Nearly out of the debt tunnel at long last.
    • patman99
    • By patman99 20th Jun 18, 3:56 PM
    • 8,220 Posts
    • 9,688 Thanks
    patman99
    Well, apart from spending 103 on a garden shredder and a Ryobi One+ area light when visiting a branch of Homebase that is closing down to become a Lidls, my spending is (almost) under control.


    Just got to break my addiction to the snack van goodies and I'm done.
    Never Knowingly Understood.

    Member #1 of 1,000 challenge - 1000/ 1000 (that's 100%)

    3-6 month EF 631.65/3600 (that's 10 days worth)

    Do you/your spouse earn less than 197 p/w ?. Fill-in Form R85 and get your Bank interest Tax free.
    • Missymae0
    • By Missymae0 20th Jun 18, 8:05 PM
    • 82 Posts
    • 188 Thanks
    Missymae0
    Another 150 added to my emergency fund today.

    #258 850/1000
    Emergency fund 1700/1000

    SPC 11 #084
    • Missymae0
    • By Missymae0 18th Jul 18, 1:38 PM
    • 82 Posts
    • 188 Thanks
    Missymae0
    Another 250 added to my fund today taking my total to 1100

    #258 1100
    Emergency fund 1700/1000

    SPC 11 #084
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